Bengaluru-based breast cancer screening solutions provider Niramai has raised around ₹42-50 crore ($6-7 million) in a fresh funding round from existing investors Pi Ventures, Axilor Ventures, Ankur Capital, and Flipkart founder Binny Bansal, as reported by Economic Times.
The reports are yet to be confirmed by Niramai or any other investor.
Niramai was founded by Geeta Manjunath and Nidhi Mathur, former Xerox Research Center and Hewlett Packard Labs employees in 2016. The startup provides an artificial intelligence tool to enable non-invasive, non-radiation, and high accuracy approach to screen breast cancer. It uses patented thermal image processing and machine learning algorithms for reliable and accurate breast cancer screening.
The startup leverages a technology called Thermalytix, which uses a high-resolution thermal sensing device and a cloud-hosted analytics solution for analysing the thermal images.
The startup has helped screen over 3,000 women and is looking to expand across the country, through partnerships with healthcare institutions. It is also looking to expand to other Asian markets by 2019.
Niramai is operational across Bengaluru, Mysore, Hyderabad, Mumbai, Dehradun, and Pune in India.
Earlier in April 2017, Niramai raised an undisclosed amount of funds from Pi Ventures, Binny Bansal, Axilor Ventures, Ankur Capital, and 500 Startups.
According to an IBEF report, the Indian healthcare industry is expected to touch $280 billion by 2022, from $100 billion currently.
Check out the list of top healthtech startups across various domains in India.